Energy Compact commitments for achieving Sustainable Energy Goals reach USD 1.4 trillion – EQ
In Short : Global Energy Compact commitments aimed at achieving Sustainable Energy Goals have reached a total of USD 1.4 trillion. These pledges, made by governments, private companies, and organizations, are focused on accelerating clean energy adoption, enhancing energy efficiency, and ensuring access to affordable energy. This substantial financial commitment underscores global efforts to meet climate targets and promote a sustainable energy future.
In Detail : New York City, USA – : In a significant milestone for global efforts to combat climate change and promote sustainable development, the third annual Energy Compacts Annual Progress Report has revealed that the total commitment by 2030 pledged towards Sustainable Development Goal 7 (SDG7) – affordable and clean energy for all by 2030 – through Energy Compacts has reached USD 1.4 trillion.
The third annual Energy Compacts progress report was launched today at the opening of the EnergyNow SDG7 Action Forum, an event convening energy leaders and experts on the margins of the UN General Assembly. The report shows continued growth in Energy Compacts, which are a platform developed by UN-Energy for securing voluntary commitments that accelerate the transition to renewable energy and provide access to electricity and clean cooking technologies by 2030.
Since their inception in 2021, 209 institutions and governments have made commitments towards the Energy Compacts process. Between 2021 and 2024, USD 201 billion in finance was mobilized or deployed for Energy Compact actions, nearly a three-fold increase from 2023. This finance represents a substantial scaling-up of efforts to improve energy access for the 685 million people living without electricity and the 2.1 billion still reliant on polluting fuels for cooking.
According to the report, Energy Compact commitments have enhanced electricity access for 177 million people cumulatively between 2021 and 2024, a remarkable increase of 48 million people compared to the last year’s report. However, progress in clean cooking access remains slower, with 23 million people gaining access between 2021 and 2024, which underscores the need for intensified efforts to accelerate growth in this area.
Furthermore, Energy Compact commitments showed that some 43.3 TWh of energy was saved through energy efficiency improvements, a nearly three-fold increase from the 2023 figure. Installed renewable energy capacity more than doubled from 89GW to 245GW between 2021 and 2024, including 451,000 metric tonnes of annual green hydrogen production capacity installed. Over 327,000 electric vehicle charging stations were installed, nearly double the number reported in 2023, and more than 2.7 million electric vehicles were added to the roads.
The report also points to the potential linkages between the Energy Compacts and the process by which national governments are preparing to submit stronger climate commitments and plans, in the form of enhanced Nationally Determined Contributions (NDCs) under the Paris Agreement, in the leadup to COP30 in 2025.
Energy Compacts demonstrate the power of partnerships towards collective energy goals; they continue to be instrumental in transitioning away from fossil fuels, in a just, orderly and equitable manner, accelerating action towards net zero by mid-century, and can play a critical role in the Pact for the Future, which was adopted by world leaders at the United Nations earlier this week.
